The Quick Read: Yes, you can usually get an asset-based mortgage in Virginia with no job, because through select programs the lender bases its review on your documented assets rather than a paycheck, either by counting eligible assets against the whole loan or by turning them into monthly income, subject to underwriting, credit, and leverage limits. The assets get documented in full. Only the employment and income side is left out of the file on one path.
- Asset qualifier path: eligible assets must equal or exceed the entire loan, and no employment or income is documented.
- Asset depletion path: usable assets are divided by 60 months into qualifying income, which then runs through the debt-to-income test.
- Leverage: on the qualifier path, up to 80% on a purchase and 75% on a refinance of a principal residence or second home.
- Credit: a 600 minimum score on the qualifier path, and the lender’s own matrix on the depletion path.
- Rentals: an investment property on the depletion path is capped lower, and a pure rental purchase often fits a DSCR loan better.
Everything below is the mechanics of how this works across the select programs Lendmire places files with. The figures are ceilings and floors, not offers, and every file is underwritten individually.
What Does “No Job” Actually Mean to a Lender?
“No job” does not mean “no money.” It means the lender can’t count on a pay stub, so it looks at what you own instead.
A person who sold a business, retired early, received an inheritance or a settlement, or lives off a portfolio often has large balances and little documented income. A conventional underwriter sees that as a problem, because the file has no W-2 to point to. An asset-based program sees a borrower whose savings can cover the loan.
Lendmire is a broker. It arranges these loans through select lenders in its wholesale network and does not underwrite or approve them. Consumer mortgage lending is licensed in 16 states, and Virginia is one of them. The program figures below do not change by state.
Which of the Two Asset Paths Fits You?
Pick the path first, because the two use different math and different leverage. A borrower is qualified on one path at a time, and the figures from one never carry over to the other.
Asset qualifier path. Your eligible assets, after the credit percentages below, must equal or exceed the entire loan amount. Nothing about your employment or income goes in the file. The lender’s repayment review rests on the assets.
Asset depletion path. The lender takes your usable assets and divides them by 60 months. The result is a monthly qualifying income. That income must carry the housing payment and your other debts through the debt-to-income test.
The qualifier path suits someone whose liquid balances comfortably exceed the loan. The depletion path suits someone who wants to keep a larger cushion untouched, or who needs the loan to be sized by income capacity instead.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| Core test | Assets cover whole loan | Assets ÷ 60 = income |
| Purchase leverage | Up to 80% | Up to 80% (home); 65% (investment) |
| Refinance leverage | Up to 75% | 80% rate-and-term; 60% cash-out (home) |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit | 600 minimum score | Lender’s matrix |
On the depletion path, an investment property is limited to 65% on a purchase or rate-and-term refinance and 60% on a cash-out. A principal residence or second home on that path gets 80% on a purchase or rate-and-term refinance and 60% on a cash-out. Whether cash-out is allowed on the qualifier path is set by the lender, so don’t plan around it. All of this is subject to underwriting and the specific program.
How Much of Each Asset Counts?
Not every dollar counts at face value. Each program applies a percentage to each account type, and which table you use depends on the path.
Qualifier path. Brokerage accounts, certificates of deposit, money market and savings all count at 100%. A 401(k) or IRA counts at 90% if you are under 59½ and at 100% once you are 59½ or older. Accounts combine, so you can stack them toward the loan amount.
Take an $800,000 loan as a worked example. Say you hold $330,000 in brokerage accounts (100%, so $330,000 counts). Add $300,000 in a 401(k) while under 59½ (90%, so $270,000 counts) and $200,000 in savings (100%, so $200,000 counts). That is $800,000 of usable assets, which meets the loan amount on assets alone. The lender’s own calculation governs.
Depletion path. The haircuts are steeper:
- Cash accounts and certificates of deposit count at 100%.
- Securities count at 80%.
- Private stock counts at 75%.
- Retirement accounts count at 70% at any age.
- Real-estate equity counts at 60%.
Run the depletion math on $1,500,000 in securities (80%, so $1,200,000 counts) plus $300,000 in cash (100%, so $300,000 counts). That is $1,500,000 usable, and divided by 60 months it is $25,000 of monthly qualifying income. That income then has to carry the housing payment and your other debts through the debt-to-income test.
Several things do not count on the depletion path: custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options, non-vested restricted stock units, and funds from non-regulated financial companies. Cash-out proceeds never count as qualifying assets either.
Cryptocurrency, precious metals, collectibles, and pledged or borrowed funds are not published as eligible on either path. The documented route is to convert them to a seasoned cash balance in a regulated account, with the lender reviewing the source. Plan for that conversion before you apply, not after.
Tax treatment varies; consult a qualified professional before drawing on retirement balances.
What Still Has to Be Documented?
You will document every dollar that qualifies you. “No job” never turns into “no paperwork.” What drops out, on the qualifier path, is employment and income. What stays is the proof that the money is yours and has been yours for a while.
The seasoning rules differ by path:
- Qualifier path: the funds need 60 days of seasoning, with two months of statements for each qualifying account.
- Depletion path: statements must be at least 120 days old at application, plus the most recent statement dated within 45 days. Funds from the sale of a business, an inheritance, or a legal settlement are excused from that seasoning.
Large recent deposits draw questions on any file. If your balance came from a sale, an inheritance, or a settlement, keep the closing statement or award letter with the account statements.
Credit still matters. The qualifier path has a 600 minimum score, and the depletion path follows the lender’s score and loan-amount matrix. A first-time investor on the depletion path needs a 700 score. Housing history is expected to run 0x30x12, though one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible, and a housing event needs four years of seasoning on the depletion path.
What Are the Minimums and Reserves?
The qualifier path asks for no reserves at or below 75% loan-to-value. Above that, the lender sets them.
The depletion path has an asset floor. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is your only income source, you also need at least $250,000 liquid. No reserve months are published for that path.
Asset-derived income can also supplement documented income, up to a 45% debt-to-income ratio. If you have a pension or part-time earnings, that combination can work, and the minimum-assets rule is waived when assets are only supplementing.
Who Does This Fit, and Who Should Skip It?
It fits retirees living on a portfolio, people who sold a business, early-retired professionals, and households whose balances are large and whose documented income is not. It also fits someone between jobs who has the liquidity to carry a purchase without a paycheck.
Skip it if your wealth is mostly in assets that don’t count. Illiquid holdings, crypto, and collectibles have to be converted first. Skip it too if the loan would drain the cushion you need to live on. Asset-based loans are sized on what you hold, and a falling market after closing is a real risk to your own cash position.
A short job history is a different case. Someone with a new job and strong savings may do better on a conventional loan, because the asset programs are built for borrowers whose balances do the heavy lifting.
If you are a veteran, note that a Virginia asset-based mortgage is not a VA loan. The state name and the veterans’ benefit share two letters and nothing else. VA loans are a separate program with their own rules. A Virginia borrower can pursue either one, and they answer different questions.
What If the Property Is a Rental?
Here the investor decision changes. If the property is a rental you won’t live in, the asset programs get tighter, and a DSCR loan often fits better.
On the asset depletion path, an investment property is capped at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. The qualifier path is published for principal residences and second homes, so don’t assume it applies to a rental.
A DSCR loan works differently. DSCR stands for debt service coverage ratio, which is the property’s rent divided by its monthly obligation (principal, interest, taxes, insurance, and any association dues). The loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Your job doesn’t enter the file. In the Lendmire network, some select lenders also review files below 1.00 coverage, but leverage and terms adjust.
DSCR loans are designed for non-owner-occupied investment properties. Because they are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage, and the Federal Register preamble to the federal ability-to-repay rule treats investment-purpose loans as business-purpose. The CFPB’s Truth in Lending reference lists business-purpose credit among the exempt transactions. The catch is purpose. A law-firm explainer on the business-purpose exemption warns that a cash-out used for personal expenses can still be treated as consumer credit, in which case income and employment matter again.
DSCR also doesn’t mean you skip the file. Expect an appraisal with a rent analysis, a credit review, proof of reserves, and entity documents if an LLC holds title (subject to program terms). The loan typically requires a personal guaranty from the borrower or the LLC’s members, so no job verification does not mean no personal liability.
The comparison across the main options looks like this:
| Option | Reviewed on | Best for |
|---|---|---|
| Asset qualifier | Assets vs. whole loan | Home, second home; cash-rich |
| Asset depletion | Assets ÷ 60 months | Home or rental; income-light |
| DSCR loan | Rent vs. payment | Pure rental purchase |
| Bank statement | Deposits as income | Self-employed with deposits |
The bank statement program is for borrowers who document income through deposits, so it doesn’t fit someone with no income stream. The complete DSCR loans guide walks through the rental side in full.
Does Virginia Change Anything?
Not the program figures. The leverage, seasoning, and asset percentages above are the same in Virginia as anywhere the program is available.
What changes is the price of the house. Northern Virginia, Richmond, and Hampton Roads sit at very different price tiers, and your loan amount drives which path works. A higher-priced Northern Virginia purchase needs a much larger asset base to clear the qualifier test or the depletion minimums than a home in a lower-priced market. Local taxes and insurance also affect the housing payment on the depletion path, but they are context, not program parameters.
For borrowers whose real goal is to buy rental property, Lendmire’s piece on how super jumbo underwriting works for asset-rich borrowers with no current job covers the larger-loan end of this.
One Practitioner Observation
Across the wholesale network, the files that stall are rarely about the borrower’s wealth. They stall on account titling and statement dates. A balance held in a trust, a joint account with a non-borrower, or a recent transfer between accounts can add steps even when the total is more than enough.
The strongest approach is to line up statements early. Keep the seasoning clocks in view, and don’t move money between accounts right before applying. Each move can restart a question the lender has to answer.
Common Mistakes
- Assuming the loan is no-paperwork. Asset programs document the assets heavily, as covered above.
- Counting assets at full value. Retirement and securities are discounted on the depletion path.
- Using borrowed or pledged funds. These are not published as eligible.
- Mixing the two paths. Qualifier-path leverage does not apply to a depletion file, and the reverse.
- Forgetting the rental angle. A pure investment purchase is often a DSCR conversation, not an asset-based one. If you are weighing a pledged-asset route instead, Lendmire’s piece Pledged-Asset Mortgage vs PAL vs Margin Loan With No Current Employment lays out the tradeoffs.
Key Terms Defined
Asset qualifier: a path where eligible assets must equal or exceed the entire loan, with no income documented.
Asset depletion: a path that divides usable assets by 60 months to create qualifying monthly income.
Seasoning: the length of time funds must sit in your account before the lender counts them.
Debt-to-income (DTI): your monthly debts divided by your monthly income, used on the depletion path.
DSCR: the ratio of a rental’s income to its monthly debt payment, used for investment properties.
Frequently Asked Questions
Can I get a mortgage with no job at all?
Yes, through select asset-based programs, subject to underwriting. On the qualifier path, eligible assets must cover the entire loan and no employment is documented. On the depletion path, assets become qualifying income. Credit, seasoning, and leverage limits still apply.
Do I have to sell my assets to qualify?
No. The lender counts the assets or converts them to qualifying income on paper. Your portfolio stays invested. The exception is anything not published as eligible, such as crypto or collectibles, which must be converted into a seasoned cash balance first.
Does “no income” mean zero income?
Not necessarily. On the qualifier path no income is documented at all. On the depletion path, asset-derived income can supplement documented income up to a 45% debt-to-income ratio, and the minimum-assets rule is waived when it does.
Is a Virginia asset-based mortgage the same as a VA loan?
No. A VA loan is a veterans’ benefit with its own rules. An asset-based mortgage is reviewed against holdings, and Virginia only names the state where the property sits.
Can I use this for a rental property?
On the depletion path, an investment property is capped at 65% on a purchase and 60% on a cash-out, subject to the program. For a pure rental, a DSCR loan often fits better, since it qualifies primarily on property-level rental income covering the payment, subject to lender guidelines.
If you are qualifying on assets rather than income and want to see how the numbers work, Lendmire can help you compare asset-based mortgage options based on your statements, the property, credit profile, leverage, and your goals. You can reach the team at 828-256-2183.
Virginia’s mix of high-priced Northern Virginia homes and more modest Richmond and Hampton Roads markets means the same portfolio can clear the test in one market and fall short in another.
Lendmire’s asset-based mortgage in Virginia page presents the program for Virginia borrowers.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage broker licensed for consumer lending in 16 states. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Federal Register: CFPB Ability-to-Repay and Qualified Mortgage Standards Final Rule
2. CFPB Truth in Lending Act reference
3. Doss Law: Business Purpose Exemption Simplified
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How a Margin Balance Is Treated on an Asset Depletion Mortgage · Savings Account vs Brokerage Account: Which Counts More on an Asset-Based Mortgage? · What Counts as an Asset Statement for a Mortgage?
Guides: Asset-Based Mortgage in Virginia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Required disclosures. Lendmire (NMLS# 2371349) operates as a licensed mortgage broker, not a direct lender or depository. The discussion in this article is general in nature and should not be relied upon as financial, legal, or tax advice — every investment scenario is unique and should be reviewed by a qualified professional. Any loan inquiry is subject to lender underwriting, and this article is not a commitment to lend or a guarantee of approval. Mortgage rates, loan terms, and program guidelines vary by borrower, property, and state, and may change without notice. Equal Housing Opportunity. Verify licensure at NMLS Consumer Access.